This from the SoBo Improvement Committee meeting minutes from April 3rd:

"Finally, a former owner of Vespa came to let us know about the soon-to-be reopened restaurant. The restaurant and wine bar will have approximately double the seating area, and the old executive chef will be back with an expanded menu. They hope to open under a new name in early summer."

I know they've been working on it, since i go past there on my way to Cross Street Market a couple of times a week.